As France erupts in violent riots amid rising costs, deteriorating public services and a mounting debt crisis, Republican State Comptroller nominee Joseph Hernandez warned that New York is heading down a dangerous path, with the State, New York City and MTA owing a combined $217 billion.
More than 550,000 people protested across France this weekend, with demonstrations turning violent. Over 1,800 people were arrested, 150 police officers were injured, and approximately 1,500 businesses were damaged. France's debt has reached €3.6 trillion, or 119 percent of its economy, with borrowing costs hitting a 24-year high.
New York is facing its own growing debt crisis. New York City owes $112 billion, the State owes $56 billion, and the MTA owes another $49 billion. Taxpayers are paying approximately $1.6 billion every month in principal and interest, including $750 million for the City, $630 million for the State, and $240 million for the MTA. That's money that could otherwise support schools, public safety and essential services.
Meanwhile, Albany continues piling on debt through backdoor borrowing that bypasses direct voter approval. The State Comptroller's own office projects $56.4 billion in additional public authority borrowing over the next five years, financing more than 51% of planned capital spending. State-supported debt is projected to soar nearly 64%, leaving just $177 million in borrowing capacity under the statutory debt cap by 2031.
"Look at what's happening in France. This is what happens when governments lose control of their finances and leave hardworking taxpayers holding the bag," said Hernandez. "New York is already drowning in $217 billion in debt, and Albany is planning billions more in backdoor borrowing without asking the voters. Meanwhile, families can barely afford to live here."
"France should be a wake-up call. If we don't get our spending and borrowing under control, we're next. As Comptroller, I'll expose the backdoor borrowing, strengthen independent audits, root out waste and fraud, and hold Albany accountable for every taxpayer dollar before we reach the breaking point."




